During this unprecedented time in history, this informational daily newsletter is made possible by your valuable membership. Membership matters!
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It’s Friday. We made it through another week in what seems to be our new normal.
Since this is our new normal, several government entities have already or are in the process of making changes so they can continue to perform many of the services required in their offices.
Last night, Louisville Metro Council held a combined virtual and in person meeting. They did not take up the proposed changes to the tree canopy requirement, but they were able to conduct other business.
Next Thursday, April 16, the Planning Commission will hold a virtual meeting to address the issues listed on their
agenda (click here to download). If this meeting goes as planned and business can be conducted successfully, a more robust agenda will be used for the May Planning Commission meeting on May 21.
Next Wednesday, April 15, the Shelby County Fiscal Court will review and amend their governance documents to allow for virtual public meetings. I’ll monitor those changes and update you next week and let you know if and when their Planning Commission will meet.
As another update – for those of you that filed the SBA EIDL application for the $10,000. Yesterday I was told that, while it was presented that you’d receive the $10,000 within three days most likely you will not. You will receive the $10,000 within three days after your application is reviewed. If you applied for that program please let me know. I will reach out to the SBA office next week to see if we can speed up the delivery of those funds.
We are still working on several other issues including one related to notaries public and neighborhood meetings and will continue to update you if we make progress on those issues.
I do want to commend all of our members. This has been an incredibly trying time for multiple reasons. Not only are we trying to keep our families safe and healthy, we’re trying to keep our businesses and our employees safe and healthy and working as well. You’ve been asked to change several of your operating procedures and your scheduling and still deliver a product needed by the public in a reasonable amount of time.
You’ve adapted to this new normal and you should be proud of that.
Be safe out there and call me if you need anything.
Happy Easter,
Juva
Juva Barber
BIA of Greater Louisville
502 458 0032 - mobile
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Topic: PPP Loan Information
Presenter
:
River City Bank
Date: Wednesday, April 15, 2020
Time: 10 am - 11 am
Cost: Free but Space is Limited and Registration is Required
Register here:
Once registered you will receive the login details to participate in the webinar.
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Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy
The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.
"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," said Federal Reserve Board Chair Jerome H. Powell. "The Fed's role is to provide as much relief and stability as we can during this period of constrained economic activity, and our actions today will help ensure that the eventual recovery is as vigorous as possible."
The Federal Reserve's role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its responsibilities to promote the stability of the financial system. In support of these goals, the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit in the economy.
The actions the Federal Reserve is taking today to support employers of all sizes and communities across the country will:
- Bolster the effectiveness of the Small Business Administration's Paycheck Protection Program (PPP) by supplying liquidity to participating financial institutions through term financing backed by PPP loans to small businesses. The PPP provides loans to small businesses so that they can keep their workers on the payroll. The Paycheck Protection Program Liquidity Facility (PPPLF) will extend credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face value;
- Ensure credit flows to small and mid-sized businesses with the purchase of up to $600 billion in loans through the Main Street Lending Program. The Department of the Treasury, using funding from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) will provide $75 billion in equity to the facility;
- Increase the flow of credit to households and businesses through capital markets, by expanding the size and scope of the Primary and Secondary Market Corporate Credit Facilities (PMCCF and SMCCF) as well as the Term Asset-Backed Securities Loan Facility (TALF). These three programs will now support up to $850 billion in credit backed by $85 billion in credit protection provided by the Treasury; and
- Help state and local governments manage cash flow stresses caused by the coronavirus pandemic by establishing a Municipal Liquidity Facility that will offer up to $500 billion in lending to states and municipalities. The Treasury will provide $35 billion of credit protection to the Federal Reserve for the Municipal Liquidity Facility using funds appropriated by the CARES Act.
The Main Street Lending Program will enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion. Principal and interest payments will be deferred for one year. Eligible banks may originate new Main Street loans or use Main Street loans to increase the size of existing loans to businesses. Banks will retain a 5 percent share, selling the remaining 95 percent to the Main Street facility, which will purchase up to $600 billion of loans. Firms seeking Main Street loans must commit to make reasonable efforts to maintain payroll and retain workers. Borrowers must also follow compensation, stock repurchase, and dividend restrictions that apply to direct loan programs under the CARES Act. Firms that have taken advantage of the PPP may also take out Main Street loans.
The Federal Reserve and the Treasury recognize that businesses vary widely in their financing needs, particularly at this time, and, as the program is being finalized, will continue to seek input from lenders, borrowers, and other stakeholders to make sure the program supports the economy as effectively and efficiently as possible while also safeguarding taxpayer funds. Comments may be sent to the
feedback form
until April 16.
To support further credit flow to households and businesses, the Federal Reserve will broaden the range of assets that are eligible collateral for TALF. As detailed in an updated term sheet, TALF-eligible collateral will now include the triple-A rated tranches of both outstanding commercial mortgage-backed securities and newly issued collateralized loan obligations. The size of the facility will remain $100 billion, and TALF will continue to support the issuance of asset-backed securities that fund a wide range of lending, including student loans, auto loans, and credit card loans.
The Municipal Liquidity Facility will help state and local governments better manage cash flow pressures in order to continue to serve households and businesses in their communities. The facility will purchase up to $500 billion of short term notes directly from U.S. states (including the District of Columbia), U.S. counties with a population of at least two million residents, and U.S. cities with a population of at least one million residents. Eligible state-level issuers may use the proceeds to support additional counties and cities. In addition to the actions described above, the Federal Reserve will continue to closely monitor conditions in the primary and secondary markets for municipal securities and will evaluate whether additional measures are needed to support the flow of credit and liquidity to state and local governments.
All of the facilities mentioned above are established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.
The Federal Reserve remains committed to using its full range of tools to support the flow of credit to households and businesses to counter the economic impact of the coronavirus pandemic and promote a swift recovery once the disruptions abate.
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NAHB National Safety Stand Down | April 16th
With municipalities cracking down on jobsites not adhering to safety standards, NAHB is calling for its members, and all residential construction companies, to pause all work for at least 10 minutes for a national safety stand down on Thursday, April 16, to educate workers on what they should do to stop the spread of COVID-19, a respiratory illness caused by a new coronavirus.
We also have created a
form to track any creative ideas you will employ for this Safety Stand Down.
The health and safety of workers on home building job sites is a top priority for NAHB. With the federal government recently designating residential construction an essential business, more states are following that lead and allowing home building to continue.
It is imperative that workers on home building sites alter their behavior to follow guidance from health officials to flatten the curve of the spread of the coronavirus. This includes maintaining a distance of no less than six feet with others at all times, limiting to 10 the number of workers on a job site, and ensuring the proper sanitation of common surfaces and equipment.
NAHB has developed a packet in
English
and
Spanish
to conduct the COVID-19 Job Site Safety Stand Down both in person and digitally (through email and/or text). The resources are comprised of one document that can be linked or forwarded to your members, who in turn, can forward it to their workers or use it for an on-site presentation. Please note that all social distancing guidance should be followed if the stand down is conducted in person.
NAHB will also be announcing this initiative tomorrow through a national press release and blog post.
If you will be participating this year please use the hashtag #COVID19SafetyStandDown.
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Louisville Metro | BOZA
Via Teleconferencing
Topic: New Construction Termite Pretreatment
Date: Monday, April 20, 2020
Time: 1:00 pm
Venue: Meeting run via Cisco Webex Video Teleconferencing
Details: Meeting agenda and login in details:
Here
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BIA Tour of Remodeled Homes Committee Meeting
Via Zoom
Topic: BIA Tour of Remodeled Homes
Date: Wednesday, April 22, 2020
Time: 11:00 am
Details: If you are interested in participating, please email Rachael Armstrong for information:
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TEMPLATES and LINKS | COVID-19
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Families First Coronavirus Response Act
Covid-19 Basic Infection Prevention Measures:
- NAHB Jobsite Poster: Here
Essential Business Letters - Covid-19:
- Kentucky Essential Editable Business Letter: Here
- Indiana Essential Editable Business Letter: Here
New Construction During Covid-19 Signage
- Poster to be put into home during New Construction Side by Side English Spanish: Here
STOP! DO NOT ENTER IF SICK signage:
PPP Information and Application:
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BIA Educational Zoom Meeting | Presented by Frost Brown Todd CARES Act Update
Employee Rights
COVID-19 Economic Injury Disaster Loan Application:
Click here
NAHB
Jobsite Guidance from NAHB
Specific for concrete workers working in close proximity, the jobsite guidance during COVID 19 suggests that workers avoid physical contact with others and direct employees/contractors/visitors to increase personal space to at least six (6) feet,
where possible.
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BIA Committee Meetings:
- Codes & Standards - Cancelled
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BIA Scheduled Events:
- May Member Networking Event U of L Baseball Game - Cancelled
- Jeptha Creed Member/Guest Mixer - Postponed
- BICF Day of Service - Rescheduled | April 2021
- BIA Day at the Downs - Rescheduled | New Date, Wednesday, September 2, 2020
- Tour of New Homes - Cancelled
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Watch Governor Beasher's Daily COVID-19 Live Updates and Past Updates
Watch Mayor Greg Fischer's Daily COVID-19 Live Updates and Past Updates
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If you aren't already, please make sure you are following our social media platforms below:
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As a reminder, our office will remain closed and staff will be working remotely until further notice. We will continue to assess the situation and follow recommendations from the CDC, the Governor’s office, the Kentucky Department of Health, as well as the Mayor’s office and Louisville Metro Department of Public Health & Wellness.
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Building Industry of Greater Louisville | (502) 429-6000
1000 N. Hurstbourne Pkwy. Louisville, KY 40223 | www.bialouisville.com
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